Metamora, Indiana Property Taxes
The median property tax rate in Metamora, Indiana is 0.71%, which is lower than both the national median of 0.99% and Indiana's state median of 0.99%. With the median home value in Metamora at $131,450, the typical annual property tax bill is $999, significantly below the national median of $2,690. Property taxes in Metamora are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as those for primary residences and agricultural properties. Understanding Metamora's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Metamora or another part of Franklin County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Metamora, Indiana Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.71%
Estimate Property Tax Bill
$933
Ownwell’s Metamora Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Metamora with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Metamora to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Metamora, Indiana
Property taxes in Metamora, Indiana, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Metamora is 0.71%, which is lower than both the Indiana state median and the U.S. national median of 0.99%. Local government entities within Metamora set these rates annually, and they can vary significantly across different neighborhoods. Each year, Metamora estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Metamora's effective property tax rate to other counties in Indiana and the national median. For comparison, the zip code 47030 has both the highest and lowest median property tax rate of 0.71%. Understanding how these areas compare with Metamora provides valuable insights into the varying tax landscape across Franklin County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Metamora Tax Rate
0.71%
Average Franklin County Tax Rate
0.79%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Metamora, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47030 | 0.40% | 0.55% | 0.71% | 1.27% | 1.50% |
Source: Ownwell
Property Tax Assessment Values Across Metamora, Indiana
In Metamora, Indiana, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Franklin County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Metamora, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Metamora helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 47030 has the highest and lowest median tax bill at $999.
Average Metamora Assessed Value
$131,450
Average Franklin County Assessed Value
$167,400
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Metamora, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47030 | $50,180 | $88,550 | $131,450 | $189,875 | $264,960 |
Source: Ownwell
Property Tax Bills Across Metamora, Indiana
In Metamora, Franklin County, IN, property tax bills are determined by multiplying the assessed value of a home by the local tax rate. For instance, with a median home price of $131,450, homeowners can expect varying tax bills based on assessed values and applicable exemptions. The tax bill at the 25th percentile is around $577, while at the 75th percentile, it rises to approximately $1,633. The 90th percentile tax bill reaches up to $2,359, indicating significant variability based on property value and tax rates. Factors influencing property tax bills include the assessed value of the property, which is determined by local assessors, and the specific tax rate set by local government entities. These bills impact homeowners by contributing to the cost of owning property, influencing decisions related to buying, selling, or maintaining a home. Comparatively, the national median property tax rate is 0.99%, making it essential for Metamora residents to understand how their local rates compare to national averages.
Average Metamora Tax Bill
$999
Average Franklin County Tax Bill
$1,329
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Metamora, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47030 | $308 | $577 | $999 | $1,633 | $2,359 |
Source: Ownwell